Verizon Cuts 13,000 Jobs in Major Workforce Reduction

Verizon, a major U.S. telecom company, is cutting 13,000 jobs in its largest reduction in recent years. The move is aimed at streamlining operations and reducing costs to enhance long-term competitiveness.

The layoffs come amidst slow wireless growth and increasing pressure from rivals like T-Mobile. Verizon's CEO, Dan Schulman, emphasized the need for the restructuring to focus on delivering value to customers and capturing new growth opportunities.

The company plans to establish a $20 million fund to reskill and transition affected employees to new roles.